From 1 January 2018: Federal Law No. 7 of 2017 Article 4 requires “Any Person conducting any Business shall keep Accounting Records and Commercial Books” Are You Ready?

Federal Law now requires ALL businesses in the UAE to keep Accounting Records and Commercials Books. This is whether or not you are VAT registered.

This is a major change in the way in which business has operated up until now.

The requirement to keep Accounting Records and Commercial Books is derived from a number of different sources but is fundamentally required to ensure that all Sales (Output) VAT and Purchase (Input) VAT is correctly declared to the FTA.

In addition to this, businesses not currently meeting the registration requirements for VAT have an obligation under Federal Law No. 8 of 2017, Articles 13, 17 and 19 as well as under Cabinet Decision No. 52 of 2017, Articles 7 and 8 to record their supplies to ensure that they are aware of when the option or obligation to register exists.

We provide Bookkeeping services and VAT compliance services for a fixed fee to help you meet the requirements of the Law.